Fitch upgrades ATF Bank

Fitch Ratings said it upgraded the long-term issuer default ratings of ATF Bank JSC to B from B- and affirmed the ratings of Bank Centercredit at B.

The outlooks are stable.

The agency affirmed Subsidiary Bank Sberbank of Russia, JSC at BB+/positive, and maintained the ratings of Altyn Bank JSC (Subsidiary Bank of Halyk Bank of Kazakhstan JSC) at BB/rating watch positive.

Fitch said the upgrade of ATF Bank reflects the significant recent improvement in its solvency as a result of the National Bank of Kazakhstan’s capital support.

High impaired loans, weak core profitability and high funding concentrations continue to weigh on ATF's ratings, the agency said.

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